Second Circuit Weighs Whether Bristol-Myers Delayed Cancer Drug

FDA drug approvals during the Covid-19 pandemic fueled questions from the Second Circuit on Friday in a shareholder class action alleging Bristol-Myers Squibb Co., misled them about a payout dependent on the approval of cancer drugs.

At issue before a three-judge panel in the US Court of Appeals for the Second Circuit is whether a lower court was right to toss a class action alleging Bristol-Myers misled investors about a payout. The payment was dependent on the Food and Drug Administration’s approval of three cancer therapy drugs—Liso-cel, Idecel, and Ozanimod—tied to Bristol-Myers’ 2019 acquisition of another pharmaceutical company, Celgene.

Bristol-Myers ...